Location: Wayne County, IN | Metro: Wayne County, IN
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,390 |
| 5 Bedrooms | $1,612 |
| 6 Bedrooms | $1,805 |
| 7 Bedrooms | $1,949 |
| 8 Bedrooms | $2,046 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,060 | $153,216 | 0.69% | D |
| 3BR | $1,340 | $221,085 | 0.61% | D |
| 4BR | $1,390 | $300,840 | 0.46% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 47330, Centerville, Indiana, is set at $1,020 for the fiscal year 2026. This figure represents the payment standard for landlords participating in the Section 8 Housing Choice Voucher program. It's important to note that this does not necessarily mean your tenant will pay $1,020 in rent; rather, it's the maximum amount the housing authority will reimburse you for rent plus utilities.
In comparison, the average rent for the area, according to the latest Census American Community Survey (ACS), is $832. This indicates that the FMR is higher than the typical market rate, which can be beneficial for landlords as it ensures they receive a competitive rent payment through the voucher program.
The renter share in Centerville is 17.6%, suggesting a moderate demand for rental properties. However, this demand can be met effectively through the Section 8 program, given the higher FMR compared to the local average rent.
If you're considering purchasing a property for your first Section 8 rental in Centerville, the median home value is around $210,620. This gives you an idea of the acquisition cost for a typical home in the area. Keep in mind that the actual purchase price could vary based on the condition and location of the property.
Before making a final decision, it's crucial to verify that the property meets the Housing Quality Standards (HQS). These standards ensure that the home is safe, decent, and sanitary for tenants. A thorough inspection and any necessary repairs must be completed to meet these requirements, as failing to do so can result in reduced payments or termination of the contract with the housing authority.
In summary, participating in the Section 8 program in Centerville can offer a stable income stream, with the FMR being higher than the local average rent. The moderate renter share suggests a steady demand for rental properties. With a median home value of approximately $210,620, acquiring a property for this purpose is feasible. Ensure the property complies with HQS to avoid future complications.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.